Financial Aid Package - Please Help!

buckeyeinbama
Sun, 14 Apr 2019 21:09:52 +0000

I’m reading my son’s “ePromise” that has all of the jargon regarding his financial aid award. There’s a sentence in here that’s terrified me because he’s received a quite substantial amount in merit scholarships ($41,000) and the COA is just under $50k/year. So, based on the information below, could FAFSA come back and take away the $1,845 my son is receiving via a Pell Grant? And could they take away the $3,500 subsidized loan? I’m pretty much in a blind panic because we’re counting on that money. Help!

Here’s the wording that we have to agree to:

"I understand that all prizes, awards, scholarships and grants awarded to me by Miami University will be credited to my student account and applied toward any outstanding balance. I further understand that my receipt of a prize, award, scholarship or grant is considered a financial resource according to federal Title IV financial aid regulations, and may therefore reduce my eligibility for other federal and/or state financial aid which, if already disbursed to my student account, must be reversed and returned to the aid source.